Guangdong carbon market closes higher

GUANGZHOU, July 29 (Xinhua) -- Carbon emissions allowances closed at 32.97 yuan (4.60 U.S. dollars) per tonne on Tuesday, up 1.04 percent from Monday at Guangzhou Emissions Exchange, the largest local carbon market in China.

A total of 241 tonnes of allowances were transacted on Tuesday with a turnover of 7,945 yuan.

The allowances, officially known as Guangdong Emissions Allowances (GDEA), are carbon dioxide emissions caps assigned to companies. Firms whose emissions surpass their share must buy extra quotas from authorities or purchase unused quotas on the market from those that cause less pollution.

Since its opening in December 2013, the market has traded 231.45 million tonnes of GDEA, with a total turnover of 6.72 billion yuan. Enditem